Does an Irrevocable Trust Have a Role in Medicaid Planning?

Irrevocable trusts are frequently utilized in Medicaid planning. When structured properly and established well in advance of applying for Medicaid, these trusts can allow individuals to preserve assets while qualifying for long-term care benefits. The five-year look-back rule is a critical consideration in this context; any transfers made to an irrevocable trust within five years of applying for Medicaid can lead to a penalty period during which the applicant is ineligible for benefits.

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